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TO: Mayor Richard C. Irvin
FROM: Alex Minnella, Senior Planner
DATE: February 24, 2023
SUBJECT:
An Ordinance Calling for a Public Hearing and a Joint Review Board Meeting to Consider the Designation of a Redevelopment Project Area and the Approval of a Redevelopment Plan and Project for the City of Aurora (River Vine Tax Increment Financing District).
PURPOSE:
The Ordinance follows the announcement of the availability of the Eligibility Study and Report, and the Redevelopment Plan and Project for the proposed River Vine TIF District; and would start the process of creating a TIF District for the River Vine site addressed 309 N River Street, to be known as the " River Vine." The Ordinance sets dates for a Joint Review Board meeting and a public hearing and calls for the notices to be given in connection with the meeting and public hearing.
BACKGROUND:
The subject parcels are located within the City's Downtown Fringe area, generally bordered on the south by Cedar Street (as extended east to the Fox River), on the east by the shores along the Fox River, on the north by a certain park land owned by the Fox Valley Park District, and on the west by River Street. Currently, parts of the proposed TIF District is located within the City's existing TIF # 5. The area location along the Fox River has been identified by the Downtown Master Plan as a focal point part of the "heart of Downtown" and is part of an area desired as a "vibrant designation with mixed use development, family friendly activities and nightlife entertainment".
Constructing a new multi-family residential development on the banks of the Fox River in Downtown Aurora, particularly near the Aurora Transportation Center, has been a consistent recommendation of numerous City long-range planning documents for decades. Combined with the recommendations of the Downtown Housing Study (2019), the growing demand for rental housing, the redevelopment of long vacant historic buildings in the Downtown, and t...
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